Lloyds Bank
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The Spanish bank has mandated leads for a roadshow to market what will be its first covered bond in six years. -
The Bank of England confirmed on Monday it would stress test UK banks for a broader range of potential threats in 2017, as it set out the timetable for the publication of this year’s results.
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The sterling market's strength was on full display this week, with £1.1bn in new investment grade deals heading into investor pockets — a good sign that supply may be able to replace the BoE’s intended £10bn in purchases.
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Two more sterling benchmarks from investment grade corporates hit the market on Thursday, extending a strong week for bonds in the currency.
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Babcock International, the UK support company for infrastructure and defence services, issued a £250m no-grow bond on Tuesday, the same day the Bank of England began buying sterling corporate bonds.
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High Speed Rail Finance, the financing vehicle for the High Speed 1 (HS1) project — the train line between London and the channel tunnel to France — said on Monday it was planning on issuing £314m of private placement notes.
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Banks are poised to seize this year’s best window for new regulatory capital issues after the Federal Reserve decided against lifting interest rates this week. With primary activity down $15bn on 2015 in Europe and secondary markets reacting positively to the Fed, investors are expecting supply across all asset classes.
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National Bank of Canada (NBC), rarely seen in the covered bond market, issued a seven year deal on Thursday and although it offered virtually no concession, it was highly subscribed.
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National Bank of Canada issued a rare seven year euro covered bond on Thursday and although it offered virtually no concession, it was highly subscribed, despite secondary market profit-taking.
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Toyota Motor Credit, the financing arm of Toyota, revved into the sterling bond market for the first time in five years on Tuesday as it printed a £500m ($649m) deal that attracted international demand.
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UK supermarket chain WM Morrison Supermarkets, better known as Morrison’s, has triggered an extension option on its £1.35bn revolving credit facility.
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US car rental group Hertz on Monday opened a two day roadshow for euros to refinance part of the debt of its European division and fund its operations.
